Nearslab, an AI-based industrial drone solution company, is set to enter the global defense industry market by leveraging its autonomous flight technology developed in the wind power sector. The company plans to expand its production capacity and research and development (R&D) investments, accelerating the growth of its physical AI-based drone business in conjunction with its KOSDAQ listing.
On August 6, Nearslab held a press conference for its initial public offering (IPO) at the 63 Square in Yeouido, Seoul, to announce these plans.
Founded in 2015, Nearslab develops physical AI-based autonomous flight technology that enables drones to perceive and assess their surroundings to carry out missions. The company provides autonomous flight drone solutions for wind turbine inspections, industrial safety, and defense sectors based on its core technology, 'Aerial Intelligence.'
Nearslab was the first to apply this technology in the wind power sector. To date, it has inspected over 100,000 wind turbine blades across more than 40 countries, achieving a success rate of over 99% for autonomous flight missions. Building on its accumulated operational data and flight experience, the company is now expanding into the defense sector.
Key products include the KAiDEN, a counter-drone defense system, and the XAiDEN, a swarm suicide drone. The XAiDEN platform allows a single operator to control up to 10 drones simultaneously and secured its first major contract in the defense market last year, winning a project worth approximately $10 million. The KAiDEN has also completed exports to Southeast Asia and is pursuing additional contracts based on pilot projects in Singapore, the United Arab Emirates (UAE), and domestic military trials.
The expansion into the defense sector has led to improved financial performance. For the second quarter of this year, Nearslab reported preliminary revenues of 16.9 billion won and an operating profit of 500 million won, marking the first quarterly profit since its establishment. This is attributed to the revenue from overseas projects secured last year. While the company expects to record losses on an annual basis this year and next, it aims to achieve profitability by 2028 based on its defense business expansion.
CEO Choi Jae-hyuk stated, "With the IPO, we will expand our production infrastructure and R&D investments and begin global supply of KAiDEN and XAiDEN. We aim to lead the global autonomous flight drone market based on our physical AI technology."
Nearslab plans to use the funds raised from the IPO for building production facilities, R&D, and expanding its global business. A total of 910,000 shares will be offered, with a target price range of 30,000 to 41,200 won. The general subscription will take place on August 12-13, with the KOSDAQ listing scheduled for August 24.
* This article has been translated by AI.
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